Breaking News

Econet lashes out at banks on mobile money

by Business reporter
11 January 2013 | 6527 Views
ECONET Wireless Zimbabwe (Econet) has lashed out at banks for proposing amendments to government's banking reforms to include mobile money service providers, saying it was a selfish attempt by a clique of individuals to frustrate its operations.

Econet owns EoCash, a mobile payments service.

In his national budget statement Finance minister Tendai Biti said banks should, effective this year, not levy fees on deposits of less than US$800 and give 4% interest on deposits of at least US$1 000 held over 30 days. He also said banks should issue debit cards for free and scrap the deposit protection fund cap.

Bankers Association of Zimbabwe (Baz) said they would, among other things, incur huge losses as a result of the legal changes given that most of their income came from tariffs. In a position paper, Baz argued mobile money services should be bound by the same regulations in order to create a level playing field while recent media reports indicate bankers are lobbying for all mobile money services to be administered by a financial institution, otherwise they become direct competition to conventional banking.

Econet has responded by saying regulators should not be swayed by selfish interests of a minority group wishing to keep ordinary people from enjoying the benefits of their mobile money technology, while offering no meaningful alternative solutions or even willing to invest anything.

"Econet is aware there is a small number of individuals, mostly associated with one foreign-owned financial institution, who have lobbied intensely both before and after the introduction of this vital (EcoCash) service yet this very same institution, motivated only by what we believe is selfishness, has never shown any inclination whatsoever in its long existence in Zimbabwe to develop services that are inclusive and serve the majority of Zimbabweans," said the country's largest mobile network provider in response to businessdigest's questions.

"The so-called complaints of a small minority of banks are reminiscent of the complaints of the then PTC management when Econet founder Strive Masiyiwa was trying to introduce cellphones in Zimbabwe. If he had not fought tenaciously, over 10 million people would today not have access to a phone."




According to the mobile phone operator's statistics, EcoCash has enabled nearly two million Zimbabweans, the majority of who did not have bank accounts, to have access to basic financial services.

Most of the EcoCash subscribers live in rural areas where there are no banking facilities, making the facility their economic life line.

Econet EcoCash Mobile money Banks

Source: theindependent

Bosso humiliation by Dembare, who is to blame?

Players
76.01%
Kaindu
20.9%
Referee
3.09%
421

Comments

News Updates

Email:

Latest News

Grace Mugabe whirlwind to hit Gwanda

by Staff Reporter | 16 September 2014 | 325 Views

Further contempt of court by Mugabe's Ray Ndhlukula

by David Conolly | 15 September 2014 | 596 Views

Chiwenga kicked out of farm after a divorce decree

by Staff reporter | 15 September 2014 | 1031 Views

Tsvangirai inciting violence? - MDC-T leader, Morgan Tsvangirai has ca...

by Staff reporter | 15 September 2014 | 642 Views

Mujuru condemnation of looting of Chiadzwa diamonds is a cheap campaig...

by Wilbert Mukori | 15 September 2014 | 854 Views

Goldstar Sugars Harare plant reopens

by Staff Reporter | 15 September 2014 | 674 Views

'Baba Jukwa' fined $150 on ammunition charge - SUNDAY MAIL editor Edm...

by Staff reporter | 15 September 2014 | 1508 Views

Scotland faces a Zimbabwe moment on currency options after independenc...

by Colls Ndlovu | 15 September 2014 | 1088 Views

Big threat to Econet, Telecel, NetOne here soon - One of the biggest t...

by Staff reporter | 15 September 2014 | 2252 Views

Brothers fight over rain-making shrine - Battle lines have been drawn...

by Wendy Dube | 15 September 2014 | 3320 Views

Simba Makoni says Mugabe is 'incompetent' - HARARE - Opposition Mavamb...

by Blessing Zulu | 15 September 2014 | 3823 Views

Tsvangirai calls for demos - MDC-T president Morgan Tsvangirai has ur...

by Staff reporter | 15 September 2014 | 2814 Views

$45 million Zimbabwe cash seized by Belgium - About $45 million in di...

by Staff reporter | 15 September 2014 | 5376 Views

Harare - Mutare rail way line construction to begin soon - Engineers h...

by Staff reporter | 15 September 2014 | 2226 Views

Race for VP post hotting up, Mphoko canvasses support - THE race for t...

by Nduduzo Tshuma | 15 September 2014 | 3801 Views

'Dembare rejected me,' says Bosso's Simba Sithole - SIMBA Sithole who...

by Sports reporter | 15 September 2014 | 3625 Views

Ndebele Ban In Binga: Thumbs up for Binga Rural District Council - Eve...

by Etiwel Mutero | 15 September 2014 | 2782 Views

Repair bridges to death - Rural children on their way to and from scho...

by Zupa presidium | 15 September 2014 | 1327 Views

Will Zanu-PF Congress pass the constitutional test on fair representation?

by Tawanda Museve | 15 September 2014 | 1263 Views

Sibanda sent thousands at Prophet Radebe followers into a frenzy - The...

by Staff reporter | 15 September 2014 | 4922 Views

Scotland Independence - Whither Matabeleland? - So this Thursday, Se...

by Phithizela Ngcobo | 15 September 2014 | 2300 Views

Bosso through to Chibuku Cup semi-finals

by Staff reporter | 15 September 2014 | 2169 Views

'Ndebele monarchy won't affect Zim political processes' - A direct des...

by Staff reporter | 15 September 2014 | 1863 Views

Adulterous church leader sues nephew for $100,000

by Court Reporter | 15 September 2014 | 3272 Views

Man axed over sweeping duty roster

by Lovemore Meya | 15 September 2014 | 1798 Views

Only 5 schools built in Bulawayo and Midlands in the last 10 years

by Staff reporter | 15 September 2014 | 1544 Views

'Dr Grace Mugabe for presidium'

by Staff reporter | 15 September 2014 | 3640 Views

Entertainment

Usandikanganwe - Lady Bee ft Manhanga

by Staff Reporter | 15 September 2014 | 753 Views

Generations actors agree to go back to work - The 16 Generations stars...

by City Press | 14 September 2014 | 3182 Views

Bulawayo born singer wows X Factor Judges

by Staff Reporter | 13 September 2014 | 2456 Views

Byo singer wins 80K recording deal, duped by sponsors

by Hangoyapalala waTjibundule | 12 September 2014 | 2512 Views

Axed Generations actor's marriage crumbles - Menzi Ngubane better know...

by Times LIVE | 12 September 2014 | 5499 Views

'Nollyhood' comes to Byo

by Hangoyapalala waTjibundule | 11 September 2014 | 2328 Views

Bulawayo-born beauty joins top SA soapie - Former Big Brother Africa (...

by Staff reporter | 11 September 2014 | 3983 Views

Nobuntu dispels 'death' rumors

by Hangoyapalala waTjibundule | 10 September 2014 | 3861 Views
iBlog

Can Too Much Masturbation Hurt Women’s Sex Life? Why Is Excessive Masturbation Bad?

both men and women often enjoy masturbation, and it is a natural sexual action for many people. however, when a woman masturbates too often, she may become concerned that it can hurt her sex life. this question is actually a valid concern, as there ... Read More
adoniadennis 01 March 2014 ago

Yet Another Wave Of Digital Destruction Is Coming

Malware fever keeps on raging, taking sophisticated forms to wreak havoc around the worldwide web. even if your system is guarded thoroughly, you are still skating on thin ice, so you should better keep your eyes open and think twice before you make ... Read More
SecNews 02 March 2014 ago